Gateshead’s Vertu sees annual results in line

Gateshead-based Vertu Motors plc said it sees results for the current financial year in line with market expectations. 

The UK automotive retailer, which has a network of 189 sales and after-sales outlets, said new car retail and Motability like-for-like volume grew 6.8%, gaining market share, in the latest quarter. It said fleet and commercial vehicle like-for-like volume grew 6.4%, while used vehicle like-for-like volumes grew 6.7%.

Robert Forrester, Chief Executive Officer of Vertu Motors, said: “I am pleased to report that trading remains positive. Used car pricing has remained stable and we have gained market share in the new retail and Motability car market and delivered strong like-for-like volume growth in used vehicles. The performance of our high margin aftersales business has remained strong.”

As a result, the company said it anticipates “full year results for FY25 will be in line with current market expectations.”

“The Board has been encouraged by the trading results for the Period. The Zero Emission Mandate to force the uptake of zero emission vehicles sold in the UK has the potential to create volatility in the new car market. This may include reduced supply of new petrol and diesel cars in the coming periods and would lead to a strengthening of petrol and diesel used car values.”

“The Group’s high margin aftersales businesses have strong growth potential due to additional resource levels and Group strategies around customer retention and increased average invoice value per customer.”